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Budget analysis
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The department of Developmental Education is tasked each year with coming up with the following years budget and this year I was given that task. The Dean has given us a very hard task and that is that we have to cut 10% of our budget for next year. My task is to come up with five strategies that help in reducing our budget by 10% just for the following year, two of them will have to present a permanent change to our current budget and the ones to follow. This was a very tough decision, as many items have to be considered. I have given it a lot of thought and this is what I came up with, I will also explain which one of the strategies I think works best for our department and the institution.
Strategy 1
This strategy will focus on minimal changes by simply by moving the number of sections and students around. I chose to reduce the amount of sections in Math 002 from the Adjunct faculty by reducing the section to five sections for fall and spring Term. This will reduce the adjunct salaries from 27,000 to 18,000. Math 001 from the adjunct faculty will also be reduced from ten to eight sections in the fall and from ten to seven in spring. This will reduce the budget for this section from $18,000 to $14,400 in the fall and from $18,000 to $12,600 in the spring. Students and sections have been fairly distributed between the two full time faculties. The entire budget was reduced by a little over 10% from the original budget of $265,000 to $238,000, this leaves an additional $500 dollars that can be used or put back into other areas of the budget.
I feel this is the area the has the least change and minimal impact will be done to the institution. Even with this minimal change, it still increases the amount of sections/...
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...we can create a program that will allow for the creation of computer labs and ask students for a fee (that will help in the maintenance and up keep of equipment). We can also use this strategy to help in implementing permanent changes and create programs that will help alleviate additional responsibilities given to the faculty while helping students succeed in their classes. This has been a great project, I have learned a lot from this experience, and I now have a better understanding of the budget process. I hope my suggested strategies offers options and ideas to implement new changes to our department.
Works Cited
Accounting Coach. (2013). Payroll accounting. Retrieved from http://www.accountingcoach.com/payroll-accounting/explanation/4
Barr, M., & McClellan, G. (2011). Budgets and financial management in higher education. San Francisco, CA: Jossey-Bass.
Since the 1980’s the cost of attending colleges have increased rapidly. Rising costs of for Medicare, highways and prisons have caused many states to reduce a percentage of their budget for higher education. Colleges and Universities currently face a very serious challenge:
Our Preamble lists five main goals that are required to help create a strong and stable society within our country. However, money is required in order to achieve these goals. We get this money from the Federal Budget which is the yearly amount we receive in order to better our country. The question here is, are we slicing the pie correctly in relation to the federal budget? In each of three budget clusters, the U.S Government should make adjustments in the way it is distributing money by making changes involving the Big Five, the Middle Five, and the Little Guys.
The City of Rock Hill has multiple budgetary funds. They have reported up to nine individual governmental funds, which include General Fund, SW TIF Fund, Street Bond Fund, and Capital Projects Fund (City of Rock Hill 2013, 6). The city also maintains other funds that are combined into one single fund called “other governmental funds,” which makes it easier to budget (City of Rock Hill 2013, 6). Within the other governmental fund category are the Police Training Fund, Asset Forfeiture Fund, Sewer Lateral Fund, McKnight Crossing TIF Fund, and the NW TIF Fund (City of Rock Hill 2013, 51). All of these funds make up the City of Rock Hill’s major and nonmajor funds. According to Bland, the City of Rock Hill is following the proper procedures, when it comes to governmental budgeting. The City of Rock Hill follows the generally accepted accounting principles (GAAP), which Bland states help standardized the governmental accounting profession (Bland, 107). As a lot of the of funds mention by Bland have different titles than Rock Hill’s funds, they operate in the same way. The cities Capital Project Fund increased by $252,940, and the SW TIF fund increased by $89,354(City of Rock Hill 2013, 10). Overall the cities combined fund balance decreased 28% or $1,237,418 from 2012, which the city said they could spend at their discretion (City of Rock Hill 2013, 10).
The country needs to start monitoring how the government is spending the federal budget and they need to start splitting it fairly to benefit our country. 83% of the federal budget is spent on the Big Five which are the main expenses in the budget. We have to stop spending it all on the Big Five. Our government should really pay attention to what we need most of in this country and focus on the needs. The government needs to take away 20% of the Big Five and split it to categories that need it.
Johnstone, Bruce. "Investing more equitably and efficiently in higher education, creating value for America." National Dialogue on Student Financial Aid (2003): 6-10. Print.
Roy, Joydeep. "Impact of School Finance Reform on Resource Equalization and Academic Performace: Evidence from Michigan." Mitpress Journels, 2003: 1-31.
Ask any college student to state one of their largest expenses and it would be safe to bet the response would be “Textbook prices!” The cost of purchasing required materials for courses has reached numbers high enough to cause many students to take out second loans. Information released this year by the American Enterprise Institute shows that “College textbook prices have increased faster than tuition, health care costs and housing prices, all of which have risen faster than inflation” (Kingkade, 2013). This information equates to an 812% increase in the cost of college textbooks over what they were just over thirty years ago (Kingkade, 2013). The figure here shows an unusually large increase that has far outpaced that of average inflation. Combine this information with the equally troubling information released by Bloomberg stating “college tuition and fees have increased 1,120 percent since records began in 1978” and a serious financial problem for students emerges(Huffington Post, 2012). One thing should be clear given these statistics: something must be done to help lessen the financial burden being placed on today’s students. Considering the implications of these two figures, the University of Delaware should attempt to remedy the increasing cost of textbooks as soon as possible before they overwhelm students any more than they already have. In order to help reduce these runaway costs, this institution should pursue a policy similar to those high schools and elementary schools practice, namely a sort of loan program.
In all colleges in the United States, students are required to pay for their classes’ tuition either by themselves, their parents, guardians or a scholarship that they may have. The average tuition fee for an individu...
...bal markets and the desire to maintain leadership in the world of science and technology.” The following recommendations would be made to the school board in order to improve the school’s performance. Schools do not meet annual yearly progress staff should be reorganized. .There should be a diversity of teacher considering the cultural diversity. Invest in more technology in schools and after school and Saturday school programs It is when school boards, administrators and teacher work together to make education attainable for all students regardless of culture race or disability,
...ting a new curriculum. The system needs an entire restructuring, from the top to the bottom.
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
With the rapid growth of college tuition, it has become an important issue in higher education. College Tuition is simply defined as the charge or fee for instruction, at a private school or a college or a university. Most people agree today that college tuition is too high or that it needs to be completely dismissed. There are some however, that may disagree with the claim about college tuition and state that college tuition is necessary for college growth, and it’s primary purpose is to pay for college expenses to support the institution financially. Research shows that college tuition is too high and that debt has become a standard in America after attending post-secondary school.
As colleges’ funds dry up, colleges must turn to the public to further support higher education. By raising state taxes, colleges can collect funds to help improve the school’s budgets. The state provides funds from the taxes for colleges to receive a certain amount for each student currently enrolled. All community and traditional four year colleges collect these funds in order to maintain the school’s budget. As reporter, Eric Kelderman states, “less than a third of colleges’ budget is based from state taxes”. The school’s budget is how colleges are able to provide academic support programs, an affordable intuition, and hire more counselors. Colleges must now depend on state taxes more than ever for public colleges. Without collecting more funds from state taxes, as author, Scott Carlson explains how Mr. Poshard explains to senators “our public universities are moving quickly toward becoming private universities…affordable only to those who have the economic wherewithal to them” (qtd. in.) Public colleges must be affordable to anyone who wishes to attend. If colleges lack to provide this to students, it can affect dropouts, a student’s ability focus, and cause stress. The problem of lack of funding is that colleges have insufficient funds. Therefore, the best possible solution for the problem of lack of funding would be increasing and collecting more funds from state taxes.
Provides advice, assistance, and guidance on budgeting and related information to program managers and budget-related personnel in subordinate organizations. Conducts analyses, reviews, and special studies of budget and/or related information.
Starting with his first stage establishing a sense of urgency, I have reflected upon situations within my school and identified areas that should be changed such as the addition of study skills lessons for students new to a laptop program and online learning. Following that identification, I put together a team, which for Kotter, is creating the guiding coalition, and that team is the people that I knew could be dependable leaders and team players to support the change I wanted to implement. The third and fourth components to Kotter’s stages involve developing a vision and the steps to achieve that vision as well as a plan for sharing the vision with the community. I used these stages to clarify for others where we were heading and how we were going to get there. It was important to communicate that which teachers and students would be affected by the implementation of the lessons and the expected out come after they were introduced. The achievement of the next stage for making the change required the empowering of broad based action where I planned for providing my affected teachers and staff with professional development to help everyone to feel more at ease with the new expectation. I also took to heart generating short-term wins and building upon those to increase support and the momentum building with the change. The teachers were taking on a new